Afternoon market update 04 10 2021

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Afternoon market update 04 10 2021

Afternoon market update 04 10 2021:

With the RBA Rate Decision and Statement tomorrow morning at 11:30 GMT+8 watch Gim Hong’s analysis of what to expect from this event and what it means for the AUD using this link For the AUD look out for the Retail Sales (MoM) coming out tomorrow morning at 08:30 GMT+8 with a weak result expected at -1.7% and the RBA Rate Statement at 11:30 is likely going to be a non event for the AUD given the dovish comments made by RBA Governor Lowe recently. Selling opportunities are possible with the AUDUSD if price can get back below the 0.7233 resistance level, entering at 0.7217 using a 40 pip stop loss and a 80 pip take profit. The RBNZ is expected to increase interest rates tomorrow although if only by 0.25 basis points then we could see a selling opportunity especially if rates are kept unchanged. For the NZDUSD below 0.6933 can be an entry short with a 40 pip stop loss and a 80 pip take profit. Longs on the AUDUSD & NZDUSD are not present here given the sustained down trend with the upcoming NFP result this Friday night at 20:30 GMT+8 . Inflation is still running hot with Jerome Powell mentioning a more prolonged effect of the factors leading to inflation therefore DXY strength is still the theme for now.

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